ICICI Bank Shares Surge 3% on Strong Q2 Earnings

New Delhi, Oct 28 (PTI) Shares of ICICI Bank on Monday climbed over 3 per cent after the private sector lender posted a 14.5 per cent growth in standalone profit to Rs 11,746 crore for the second quarter ended September 30, 2024.

The stock jumped 3.29 per cent to Rs 1,296.90 on the BSE.

At the NSE, it climbed 3.30 per cent to Rs 1,297.

The stock emerged as the biggest winner among Sensex firms.

The BSE Sensex traded 420.06 points higher at 79,822.35 during early trade and the NSE Nifty quoted 75.55 points up at 24,256.35.

The private sector lender had earned a net profit of Rs 10,261 crore in the September quarter of the previous financial year.

The total income increased to Rs 47,714 crore during the quarter under review, as against Rs 40,697 crore in the same quarter last year, ICICI Bank said in a regulatory filing.

The bank reported an interest income of Rs 40,537 crore during the quarter compared to Rs 34,920 crore in the year-ago period.

The net interest income (NII) improved by 9.5 per cent to Rs 20,048 crore from Rs 18,308 crore in the second quarter of the previous year.

On the asset quality front, the bank witnessed improvement with gross non-performing assets (NPAs) declining to 1.97 per cent of the gross loans by the end of September 2024, as against 2.48 per cent a year ago.

Similarly, net NPAs or bad loans moderated to 0.42 per cent from 0.43 per cent at the end of the second quarter of the previous fiscal.

On a consolidated basis, the bank logged a growth of 19 per cent in net profit to Rs 12,948 crore against Rs 10,896 crore in Q2 FY24.